NATURWOHL PHARMA (YOKEBE) acquired by PERRIGO COMPANY

The acquisition of the Irish medical specialist by the global connectivity leader represents a decisive step in the group's structural pivot toward high-margin, mission-critical sensing solutions. This transaction follows a clear industrial roadmap to reweight the portfolio toward applications in demanding environments. The strategic rationale for the move centers on the increasing complexity of minimally invasive surgery, where the integration of sensors and connectivity into delivery devices is becoming a primary technical requirement. By incorporating the target's specialized manufacturing expertise, the organization reinforces its ability to offer integrated, end-to-end clinical solutions for global medical device OEMs. The partnership is designed to leverage the acquirer's global scale and procurement resources to accelerate the international scaling of the target's product portfolio. This integration significantly expands the group's research and development capacity, providing the strategic depth required to navigate the high barriers to entry of the interventional medical market.

Astorg and Goldman Sachs have completed the acquisition of HRA Pharma, signaling a major professionalization phase for the niche pharmaceutical laboratory. The strategic rationale for this transaction hinges on an "international-acceleration" maneuver, merging the target’s technical operational depth in hormonal health with the sponsors’ massive global network and institutional resources. This structural alignment provides the organization with the strategic hardware and capital necessary to target aggressive expansion into the United States and other high-potential global markets. The move specifically leverages the target's unique Rx-to-OTC switch prowess, a high-barrier technical capability that transforms clinical assets into scalable consumer brands. By incorporating the sponsors' strategic discipline, the group is now positioned to pivot from a European-centric leader to a global champion in the women’s health segment.

BC Partners reached an agreement to acquire a majority stake in Pharmathen, partnering with the company's founders who retain a minority shareholding and remain actively involved in the business. The investment thesis centres on leveraging Pharmathen's strong existing platform to pursue selective bolt-on acquisitions, accelerate new product development, and drive international expansion in the growing complex generics pharmaceutical sector. BC Partners intends to support Pharmathen in its ambition to transition from an established European champion into a global pharmaceutical player.

Qualium Investissement won the auction process to acquire IMV Technologies, beating competitors LBO France and Florac. This transaction ends the tenure of Pragma Capital (majority owner since 2010), as well as minority investors Cathay Capital and Eurazeo PME. The acquisition is supported by a unitranche debt facility provided by Ardian, representing a leverage of over 5.0x EBITDA. The strategic focus remains on international expansion.

Perrigo has completed the acquisition of Omega Pharma. This transaction acts as a massive "commercial accelerator," solving the complex logistical and regulatory barriers inherent in the European pharmacy landscape. By internalizing a sophisticated thirty-five-country distribution network, the group eliminates its dependency on regional third-party agents and secures immediate shelf-space for its expansive US-developed product pipeline. The strategic rationale hinges on the synergy between localized branding expertise and centralized manufacturing scale. While the acquirer provides the industrial backbone and cost-efficiency of a global supplier, the target brings the technical operational depth required to navigate diverse European healthcare systems and consumer preferences.

Ceva announced the entry of Merieux Developpement (investment arm of Institut Merieux) into its capital, finalizing the syndicate for its fourth LBO. Merieux joins Asian investors Temasek and CDH Investments, as well as French funds Sagard, Euromezzanine, and Sofiproteol. The strategic rationale is to leverage Institut Merieux's scientific network to fight emerging diseases and antibiotic resistance, and to accelerate Ceva's expansion in Asia (China).

The deal involves the carve-out of Rexam's healthcare devices and prescription retail divisions, which will be acquired by Montagu Private Equity. The transaction is subject to regulatory approval and is expected to be completed in the coming weeks. The strategic rationale behind the deal is to create a standalone company that can focus on the healthcare sector and leverage Montagu Private Equity's expertise and resources to drive growth and expansion. The deal is expected to enhance the competitiveness of the company and improve its market position, while also providing opportunities for innovation and investment in new products and technologies. The company's management team will work closely with Montagu Private Equity to develop a growth strategy that builds on the company's strengths and addresses the evolving needs of the healthcare market. With a strong foundation in place, the company is well-positioned to capitalize on emerging trends and opportunities in the healthcare sector, including the growing demand for innovative medical devices and pharmaceutical packaging solutions.

Five Arrows Managers acquired a stake in Dominique Dutscher to facilitate a partial cash-out for the founder, Dominique Dutscher. While the exact percentage was undisclosed at the time, the deal structure was a classic Owner Buy-Out (OBO), allowing the founder to secure some wealth while remaining invested to drive the next phase of growth. The transaction was financed with senior debt provided by a pool of three banks.

Air Liquide has entered into exclusive negotiations to sell its 66% majority stake in Laboratoires Anios to a consortium comprised of Ardian and the founding Letartre brothers, Bertrand and Thierry. This transaction represents a strategic spin-off for Air Liquide, allowing the industrial gas giant to refocus its hygiene activities exclusively on its German subsidiary, Schülke & Mayr. The acquisition is structured with an LBO featuring a senior debt facility and an important CAPEX line to fund future growth. The financing reflects a leverage effect of 4.0x to 5.0x EBITDA. The primary strategic rationale for the new ownership is to accelerate Anios's international footprint, particularly through M&A opportunities in emerging markets such as Brazil, India, and China, moving the company toward a more globalized operational model.

Charterhouse acquired 100% of DOC Generici from a consortium of three pharmaceutical companies: Apotex (Canada), Chiesi Farmaceutici (Italy), and Zambon (Italy). The deal was structured as a Management Buyout, backing the incumbent CEO. It was financed with approximately EUR175 million in debt facilities provided by UniCredit (acting as Global Coordinator), HSBC, and Intesa Sanpaolo. The strategic aim was to professionalize the entity from a trade-owned subsidiary into an independent market leader, expanding its product pipeline and diversifying into segments like nutritional supplements.